For those who earn a monthly salary of 50-60 thousand, property purchase can be a preferable investment. In this salary bracket, one can easily afford a property worth Rs 25 Lakh- 35 Lakh with the help of home loan.

It would be better to go for a newly launched or under construction property as the prices are low in these stages. Localities like NH-24 and Noida Extension (Greater Noida West) have many options in the budget of 25-35 lakhs.

For the projects in NH-24 and Greater Noida West, developers are also offering the Deferred Payment Scheme and Subvention Scheme. Deferred payment scheme is the 40:60 plan and usually for a project that is about to complete. You have to pay 40% on booking and the rest 60% on possession. Some builders also offer 40:30:30 plan where you have to pay 40% on booking, 30% on a later date (say on structure completion) and the rest 30% at the time of possession.[Read more…]

Yes. Even if you are in the initial stages of your career and earning 30-40k per month, you can still buy a property. To make the property purchase easier for the buyers, developers have come up with innovative payment plans. Subvention scheme would be the best in this case.

Subvention Scheme is a special payment plan offering the buyer to pay in the ratio of 10:80:10 (the ratio can differ from developer to developer). You will have to pay 10% at the time of booking and 10% at the time of possession. For the rest 80%, there is a three way agreement between the bank, the builder and the buyer. The bank loans the amount and the interest accrued have to be paid by the builder till possession. This way, the buyer will have to pay the EMIs only after getting possession.[Read more…]